27.
09.18
09:35

Palm oil: Optimistic forecasts

In early trading, palm oil futures on Bursa Malaysia today posted moderate losses. The weaker soybean oil futures in Chicago caused downward pressure.
The downside potential is limited by the optimistic outlook of leading analysts who commented on future price developments on the sidelines of a conference in India. Crude palm oil is expected to trend toward $ 590 / ton c & f (CIF Rotterdam) by the end of the year due to solid demand from the biodiesel sector.
With a decline of 0.2% to 2,185 ringgit ($ 528.29), the most liquid maturity of December 18 went into the lunch break. By lunchtime, 10,429 contracts were traded per 25 tons.
India's palm oil imports in the 2018/19 marketing year will increase by 8.7% yoy, according to estimates by a leading analyst. The reason is the increased consumption and the expectation of a smaller oil crop.
The December maturity of the soybean futures in Chicago is currently trading at a marginal + 0.02%. On the Dalian Commodity Exchange, the soybean oil futures January 19 with an increase of 0.07% and the palm oil futures January 19 with a gain of 0.21%.

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